Greater New Orleans

The British Diamond arrives at Cameron LNG near Lake Charles with a shipment of 136,500 cubic meters of liquefied natural gas from Trinidad in June 2009. Owners plan to convert the facility from an import to an export terminal. (Photo courtesy of Sempra Energy)
(Sempra Energy)

A planned liquefied natural gas export facility in Cameron Parish has received final investment approval after lining up $7.4 billion in loans, Reuters reports.

The report says Japanese partners in Cameron LNG announced Thursday (Aug. 7) the approval of the export project, which is expected to lower Japan's electricity costs by connecting it to America's cheap and abundant natural gas supply.

Cameron LNG, which is majority owned by San Diego-based Sempra Energy, is one of a handful of projects the Energy Department has approved for gas exports to countries without free trade agreements with the United States, such as India and Japan, the report says.

NOLA.com | The Times-Picayune reported in March that Cameron LNG selected Chicago Bridge & Iron Co., an energy infrastructure company based in the Netherlands, and Japan's Chiyoda International Corp., a contractor specializing in the design and construction of LNG plants, for the $6 billion contract to build the export complex, which is located in Hackberry, La.

Reuters reports the Japanese partners in the project include Mitsui & Co., which owns a 16.6 percent share in the project, as well as Mitsubishi Corp. and Nippon Yusen KK, which together own a 16.6 percent share.